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Compose a 500 words essay on Balanced Scorecard. Needs to be plagiarism free!he balanced scorecard as, “a management system that facilitates organizations to clarify their strategy and long-term obj
Compose a 500 words essay on Balanced Scorecard. Needs to be plagiarism free!
he balanced scorecard as, “a management system that facilitates organizations to clarify their strategy and long-term objectives, and then enforce them.” Secondly, the balanced scorecard enables business enterprises to improve continually on their results and strategic performance by provide them with feedback regarding internal business processes and external outcomes. Voelpel et al. (2006) stated that the balanced scorecard is important to any organization because it is a key ingredient in any successful business.
The balanced scorecard has four key components or perspectives that enable the management of an organisation to clarify its strategy and long-term objectives and even enforce them. These four components of the balanced scorecard also represent the integral features of an organization that can determine its success. Therefore, it is correct to assert that the four key components of the balanced scorecard help the management of an organization to identify important information requirements that are necessary for the success of the business.
From the image above it is noted that the balanced scorecard helps the management to identify important information regarding the financial position of the organization, the customer base of the organization, the aspect of learning and growth within the organization, and information pertaining to internal functions.
On each component or perspective, the balanced scorecard has listed four different information that it requires to implement the management system. These four critical information requirements comprise of the objective, the measures, the targets, and the initiatives of each component. This is to say that upon look at the balanced scorecard framework, the management of Dual-Tech Inc will be able to identify crucial information that it will need to implement the management system and thereby be able to reap benefits attributed to utilization of the balanced scorecard (Kaplan and Norton, 1996).
Voelpel
